Paragon Bank

Woodlander

Evening all, I've just started looking round for savings options and Paragon Bank seems to offer good 1 year fixed rate - but I've never heard of Paragon. Is it long established and reputable? Thanks.

Archi_Bald

They are one of the challenger banks. http://www.telegraph.co.uk/finance/personalfinance/savings/11742098/Paragon-Bank-offers-best-buy-rates-on-bond-and-notice-account.html

ManAtHome

Not long established, but they've been pretty good at setting up accounts for me. I'd wait for their 'welcome pack' before funding - you can initially fund with a reference number, but then you'll have to change your bank instruction to the account number (first-world problem!!).

They do have the FSCS cover to £85k (£75k from next January).

Woodlander

Many thanks to you both for your helpful and to-the-point responses.

planteria

Paragon were best known for their Buy-to-Let mortgages..
a customer of mine has exclusively used them for years, and rates them very highly as a lender.
it makes sense for them to offer Savings Accounts to raise the funds to lend, aswell as borrowing from elsewhere.
by all means do your own research and look into carefully, Woodlander.. but they seem to be reputable:)

Woodlander

Many thanks for that information, planteria.

Ifts

I opened a fixed rate savings bond with Paragon Bank last November.

All set up smoothly without any problems.

Paragon Bank provide you with online access to your account (username and password to login) which is not really needed for a FRB apart from giving maturity instructions online but it does make it easier if you were wanting to open a different type of account with them once logged in as an existing customer.

I spoke to them before I opened mine and found their customer services to be very helpful (hopefully this will continue and not just because they are a new entrant in this field).

If you have any questions that are not answered on their website here is the number to their Customer Services team (UK based) 0800 052 2222.

Snowbelle

Their website states they have FSCS cover of £75k - I thought this didn't change from £85k until next January.

masonic

Snowbelle wrote: »

Their website states they have FSCS cover of £75k - I thought this didn't change from £85k until next January.

It won't. Perhaps they are certain they won't become insolvent before then